Zurich-based UBS has agreed to pay a record fine of 300 million to the German tax authorities to settle investigation charges of helping German clients to dodge taxes.
With this settlement, UBS aims to bring 100% of its customers under tax compliance by the end of 2014 from the current 95%, who will now become tax compliant or have completed the voluntary compliance programme.
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Sergio Ermotti CEO of UBS said: "We delivered strong underlying results in a market environment that remained challenging for our clients and the industry. We also continued to actively address litigation matters, reduce our non-core and legacy assets and execute on our strategic initiatives."
The settlement comes after UBS was charged with tax fraud in Paris for allegedly helping rich French clients to hide money in Switzerland.
Last year, UBS offices in Germany were searched as part of a probe sparked by a CD with details of UBS clients that was purchased by the German state of North Rhine-Westphalia (NRW).
UBS is also facing similar probes in Belgium.
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By GlobalDataIn 2009, the Swiss bank was fined $780 million for helping wealthy US citizens evade taxes.
